A Hint of a Turf War Between Twitter’s Co-Founders, Buried in the Fine Print

Jack Dorsey cedes his shareholder voting rights to Evan Williams — huh?

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Twitter chairman and co-founder, Jack Dorsey.

Languishing in the dull legalese of Twitter’s latest I.P.O. filing is a footnote that’s raising eyebrows among people who can make sense of those things.

The controversial statement reads: “Mr. Dorsey granted Mr. Williams a proxy to vote the shares held by him or his transferees.”

Translation: Twitter’s co-founder Jack Dorsey will cede his voting rights as a shareholder to its other co-founder, Evan Williams, for no apparent reason.

A company spokesperson declined to explain why Dorsey would allow Williams to vote on his behalf. Dorsey and Wiliams have alternately held the title of chief executive, raising questions of a Game of Thrones style power struggle behind the scenes.

The footnote adds grist to the rumor mill, or it could just be another boring footnote. Only time, and perhaps more corporate disclosure forms, will tell.

[New York Times]